{smcl}
{com}{sf}{ul off}{txt}{.-}
      name:  {res}<unnamed>
       {txt}log:  {res}C:\Users\myogo\Princeton Dropbox\Motohiro Yogo\Koijen Yogo - International\JPE\Replication\Code\5 Decomposition\Decomposition0_1.smcl
  {txt}log type:  {res}smcl
 {txt}opened on:  {res}31 Oct 2025, 09:33:37
{txt}
{com}. /* Define local and global variables */
> 
> do global;
{txt}
{com}. /* global.do (STATA)
>         Define global variables in "Decomposition".
>         by Ralph Koijen & Motohiro Yogo */
. 
. #delimit ;
{txt}delimiter now ;
{com}. clear all;
{res}{txt}
{com}. do "../3 Estimation/global";
{txt}
{com}. /* global.do (STATA)
>         Define global variables in "Estimation".
>         by Ralph Koijen & Motohiro Yogo */
. 
. #delimit ;
{txt}delimiter now ;
{com}. clear all;
{res}{txt}
{com}. global macro = "LgdpP LgdpPpc Gcpi vol drate";
{txt}
{com}. global bilateral = "dist";
{txt}
{com}. global dummies = "Iown I_CR I_OC Iyear_*";
{txt}
{com}. global dummiesA = "Itype_*";
{txt}
{com}. global iv = "IVexdemand";
{txt}
{com}. global ivA = "LSdelta*";
{txt}
{com}. 
{txt}end of do-file

{com}. global step_W = 1;
{txt}
{com}. global step_fx = .5;
{txt}
{com}. global step_mb = .5;
{txt}
{com}. global Nstep = 1e4;
{txt}
{com}. global Mgap = 1e-9;
{txt}
{com}. 
{txt}end of do-file

{com}. /* Call the ado file */
> 
> forval y = 2004/2005 {c -(};
{txt}  2{com}.         Decomposition 0 `y';
{txt}  3{com}. {c )-};
2004
0     1     5.418e-14     5.507e-14     8.882e-16
{res}
{smcl}
{reset}{...}
{hline 17}{c -}{c TT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
{space 17} {c |}  Number of nonmissing values   Median   Interquartile range   Minimum value   Maximum value
{hline 17}{c -}{c +}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
Asset type{space 7} {c |}  {space 27}   {space 6}   {space 19}   {space 13}   {space 13}
  Short-term debt {c |}  {space 22}{result:33.00}   {space 2}{result:0.00}   {space 15}{result:0.00}   {space 8}{result:-0.00}   {space 9}{result:0.00}
  Long-term debt{space 1} {c |}  {space 22}{result:33.00}   {space 1}{result:-0.00}   {space 15}{result:0.00}   {space 8}{result:-0.00}   {space 9}{result:0.00}
  Equity{space 9} {c |}  {space 22}{result:33.00}   {space 2}{result:0.00}   {space 15}{result:0.00}   {space 8}{result:-0.00}   {space 9}{result:0.00}
{hline 17}{c -}{c BT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
1     1642     3.649e-10     9.981e-10     2.262e-08
{res}
{smcl}
{reset}{...}
{hline 17}{c -}{c TT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
{space 17} {c |}  Number of nonmissing values   Median   Interquartile range   Minimum value   Maximum value
{hline 17}{c -}{c +}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
Asset type{space 7} {c |}  {space 27}   {space 6}   {space 19}   {space 13}   {space 13}
  Short-term debt {c |}  {space 22}{result:33.00}   {space 1}{result:-0.00}   {space 15}{result:0.01}   {space 8}{result:-0.04}   {space 9}{result:0.04}
  Long-term debt{space 1} {c |}  {space 22}{result:33.00}   {space 1}{result:-0.01}   {space 15}{result:0.01}   {space 8}{result:-0.05}   {space 9}{result:0.01}
  Equity{space 9} {c |}  {space 22}{result:33.00}   {space 1}{result:-0.00}   {space 15}{result:0.00}   {space 8}{result:-0.09}   {space 9}{result:0.00}
{hline 17}{c -}{c BT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
2     1808     3.738e-10     9.975e-10     2.347e-08
{res}
{smcl}
{reset}{...}
{hline 17}{c -}{c TT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
{space 17} {c |}  Number of nonmissing values   Median   Interquartile range   Minimum value   Maximum value
{hline 17}{c -}{c +}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
Asset type{space 7} {c |}  {space 27}   {space 6}   {space 19}   {space 13}   {space 13}
  Short-term debt {c |}  {space 22}{result:33.00}   {space 1}{result:-0.01}   {space 15}{result:0.02}   {space 8}{result:-0.06}   {space 9}{result:0.01}
  Long-term debt{space 1} {c |}  {space 22}{result:33.00}   {space 1}{result:-0.00}   {space 15}{result:0.01}   {space 8}{result:-0.05}   {space 9}{result:0.03}
  Equity{space 9} {c |}  {space 22}{result:33.00}   {space 1}{result:-0.00}   {space 15}{result:0.00}   {space 8}{result:-0.10}   {space 9}{result:0.00}
{hline 17}{c -}{c BT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
3     1605     3.717e-10     9.959e-10     2.401e-08
{res}
{smcl}
{reset}{...}
{hline 17}{c -}{c TT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
{space 17} {c |}  Number of nonmissing values   Median   Interquartile range   Minimum value   Maximum value
{hline 17}{c -}{c +}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
Asset type{space 7} {c |}  {space 27}   {space 6}   {space 19}   {space 13}   {space 13}
  Short-term debt {c |}  {space 22}{result:33.00}   {space 1}{result:-0.01}   {space 15}{result:0.02}   {space 8}{result:-0.06}   {space 9}{result:0.02}
  Long-term debt{space 1} {c |}  {space 22}{result:33.00}   {space 1}{result:-0.01}   {space 15}{result:0.01}   {space 8}{result:-0.06}   {space 9}{result:0.02}
  Equity{space 9} {c |}  {space 22}{result:33.00}   {space 1}{result:-0.00}   {space 15}{result:0.00}   {space 8}{result:-0.10}   {space 9}{result:0.00}
{hline 17}{c -}{c BT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
4     1626     3.795e-10     9.977e-10     2.482e-08
{res}
{smcl}
{reset}{...}
{hline 17}{c -}{c TT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
{space 17} {c |}  Number of nonmissing values   Median   Interquartile range   Minimum value   Maximum value
{hline 17}{c -}{c +}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
Asset type{space 7} {c |}  {space 27}   {space 6}   {space 19}   {space 13}   {space 13}
  Short-term debt {c |}  {space 22}{result:33.00}   {space 1}{result:-0.01}   {space 15}{result:0.02}   {space 8}{result:-0.06}   {space 9}{result:0.01}
  Long-term debt{space 1} {c |}  {space 22}{result:33.00}   {space 1}{result:-0.01}   {space 15}{result:0.01}   {space 8}{result:-0.05}   {space 9}{result:0.00}
  Equity{space 9} {c |}  {space 22}{result:33.00}   {space 1}{result:-0.00}   {space 15}{result:0.00}   {space 8}{result:-0.11}   {space 9}{result:0.01}
{hline 17}{c -}{c BT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
5     1725     3.806e-10     9.938e-10     2.425e-08
{res}
{smcl}
{reset}{...}
{hline 17}{c -}{c TT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
{space 17} {c |}  Number of nonmissing values   Median   Interquartile range   Minimum value   Maximum value
{hline 17}{c -}{c +}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
Asset type{space 7} {c |}  {space 27}   {space 6}   {space 19}   {space 13}   {space 13}
  Short-term debt {c |}  {space 22}{result:33.00}   {space 2}{result:0.00}   {space 15}{result:0.01}   {space 8}{result:-0.06}   {space 9}{result:0.01}
  Long-term debt{space 1} {c |}  {space 22}{result:33.00}   {space 2}{result:0.00}   {space 15}{result:0.01}   {space 8}{result:-0.07}   {space 9}{result:0.00}
  Equity{space 9} {c |}  {space 22}{result:33.00}   {space 2}{result:0.00}   {space 15}{result:0.00}   {space 8}{result:-0.12}   {space 9}{result:0.00}
{hline 17}{c -}{c BT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
6     1622     3.859e-10     9.976e-10     2.404e-08
{res}
{smcl}
{reset}{...}
{hline 17}{c -}{c TT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
{space 17} {c |}  Number of nonmissing values   Median   Interquartile range   Minimum value   Maximum value
{hline 17}{c -}{c +}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
Asset type{space 7} {c |}  {space 27}   {space 6}   {space 19}   {space 13}   {space 13}
  Short-term debt {c |}  {space 22}{result:33.00}   {space 2}{result:0.00}   {space 15}{result:0.00}   {space 8}{result:-0.06}   {space 9}{result:0.01}
  Long-term debt{space 1} {c |}  {space 22}{result:33.00}   {space 2}{result:0.00}   {space 15}{result:0.01}   {space 8}{result:-0.07}   {space 9}{result:0.01}
  Equity{space 9} {c |}  {space 22}{result:33.00}   {space 2}{result:0.00}   {space 15}{result:0.00}   {space 8}{result:-0.12}   {space 9}{result:0.00}
{hline 17}{c -}{c BT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
7     1642     3.892e-10     9.923e-10     2.448e-08
{res}
{smcl}
{reset}{...}
{hline 17}{c -}{c TT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
{space 17} {c |}  Number of nonmissing values   Median   Interquartile range   Minimum value   Maximum value
{hline 17}{c -}{c +}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
Asset type{space 7} {c |}  {space 27}   {space 6}   {space 19}   {space 13}   {space 13}
  Short-term debt {c |}  {space 22}{result:35.00}   {space 2}{result:0.00}   {space 15}{result:0.00}   {space 8}{result:-0.07}   {space 9}{result:0.01}
  Long-term debt{space 1} {c |}  {space 22}{result:35.00}   {space 2}{result:0.00}   {space 15}{result:0.00}   {space 8}{result:-0.06}   {space 9}{result:0.00}
  Equity{space 9} {c |}  {space 22}{result:35.00}   {space 1}{result:-0.00}   {space 15}{result:0.00}   {space 8}{result:-0.16}   {space 9}{result:0.00}
{hline 17}{c -}{c BT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
8     1498     3.897e-10     9.937e-10     2.441e-08
{res}
{smcl}
{reset}{...}
{hline 17}{c -}{c TT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
{space 17} {c |}  Number of nonmissing values   Median   Interquartile range   Minimum value   Maximum value
{hline 17}{c -}{c +}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
Asset type{space 7} {c |}  {space 27}   {space 6}   {space 19}   {space 13}   {space 13}
  Short-term debt {c |}  {space 22}{result:35.00}   {space 2}{result:0.00}   {space 15}{result:0.00}   {space 9}{result:0.00}   {space 9}{result:0.00}
  Long-term debt{space 1} {c |}  {space 22}{result:35.00}   {space 2}{result:0.00}   {space 15}{result:0.00}   {space 9}{result:0.00}   {space 9}{result:0.00}
  Equity{space 9} {c |}  {space 22}{result:35.00}   {space 2}{result:0.00}   {space 15}{result:0.00}   {space 8}{result:-0.00}   {space 9}{result:0.00}
{hline 17}{c -}{c BT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
2005
0     1     3.730e-14     3.819e-14     7.105e-15
{res}
{smcl}
{reset}{...}
{hline 17}{c -}{c TT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
{space 17} {c |}  Number of nonmissing values   Median   Interquartile range   Minimum value   Maximum value
{hline 17}{c -}{c +}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
Asset type{space 7} {c |}  {space 27}   {space 6}   {space 19}   {space 13}   {space 13}
  Short-term debt {c |}  {space 22}{result:35.00}   {space 2}{result:0.00}   {space 15}{result:0.00}   {space 8}{result:-0.00}   {space 9}{result:0.00}
  Long-term debt{space 1} {c |}  {space 22}{result:35.00}   {space 1}{result:-0.00}   {space 15}{result:0.00}   {space 8}{result:-0.00}   {space 9}{result:0.00}
  Equity{space 9} {c |}  {space 22}{result:35.00}   {space 2}{result:0.00}   {space 15}{result:0.00}   {space 8}{result:-0.00}   {space 9}{result:0.00}
{hline 17}{c -}{c BT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
1     1763     3.857e-10     9.961e-10     2.417e-08
{res}
{smcl}
{reset}{...}
{hline 17}{c -}{c TT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
{space 17} {c |}  Number of nonmissing values   Median   Interquartile range   Minimum value   Maximum value
{hline 17}{c -}{c +}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
Asset type{space 7} {c |}  {space 27}   {space 6}   {space 19}   {space 13}   {space 13}
  Short-term debt {c |}  {space 22}{result:35.00}   {space 1}{result:-0.00}   {space 15}{result:0.01}   {space 8}{result:-0.13}   {space 9}{result:0.01}
  Long-term debt{space 1} {c |}  {space 22}{result:35.00}   {space 1}{result:-0.01}   {space 15}{result:0.01}   {space 8}{result:-0.23}   {space 9}{result:0.00}
  Equity{space 9} {c |}  {space 22}{result:35.00}   {space 1}{result:-0.00}   {space 15}{result:0.00}   {space 8}{result:-0.06}   {space 9}{result:0.00}
{hline 17}{c -}{c BT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
2     1787     3.780e-10     9.952e-10     2.391e-08
{res}
{smcl}
{reset}{...}
{hline 17}{c -}{c TT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
{space 17} {c |}  Number of nonmissing values   Median   Interquartile range   Minimum value   Maximum value
{hline 17}{c -}{c +}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
Asset type{space 7} {c |}  {space 27}   {space 6}   {space 19}   {space 13}   {space 13}
  Short-term debt {c |}  {space 22}{result:35.00}   {space 1}{result:-0.00}   {space 15}{result:0.01}   {space 8}{result:-0.12}   {space 9}{result:0.04}
  Long-term debt{space 1} {c |}  {space 22}{result:35.00}   {space 1}{result:-0.01}   {space 15}{result:0.01}   {space 8}{result:-0.22}   {space 9}{result:0.00}
  Equity{space 9} {c |}  {space 22}{result:35.00}   {space 1}{result:-0.00}   {space 15}{result:0.00}   {space 8}{result:-0.06}   {space 9}{result:0.00}
{hline 17}{c -}{c BT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
3     1686     3.774e-10     9.968e-10     2.362e-08
{res}
{smcl}
{reset}{...}
{hline 17}{c -}{c TT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
{space 17} {c |}  Number of nonmissing values   Median   Interquartile range   Minimum value   Maximum value
{hline 17}{c -}{c +}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
Asset type{space 7} {c |}  {space 27}   {space 6}   {space 19}   {space 13}   {space 13}
  Short-term debt {c |}  {space 22}{result:35.00}   {space 1}{result:-0.00}   {space 15}{result:0.02}   {space 8}{result:-0.12}   {space 9}{result:0.04}
  Long-term debt{space 1} {c |}  {space 22}{result:35.00}   {space 1}{result:-0.01}   {space 15}{result:0.01}   {space 8}{result:-0.21}   {space 9}{result:0.00}
  Equity{space 9} {c |}  {space 22}{result:35.00}   {space 1}{result:-0.00}   {space 15}{result:0.00}   {space 8}{result:-0.06}   {space 9}{result:0.00}
{hline 17}{c -}{c BT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
4     1593     3.943e-10     9.975e-10     2.283e-08
{res}
{smcl}
{reset}{...}
{hline 17}{c -}{c TT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
{space 17} {c |}  Number of nonmissing values   Median   Interquartile range   Minimum value   Maximum value
{hline 17}{c -}{c +}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
Asset type{space 7} {c |}  {space 27}   {space 6}   {space 19}   {space 13}   {space 13}
  Short-term debt {c |}  {space 22}{result:35.00}   {space 2}{result:0.00}   {space 15}{result:0.01}   {space 8}{result:-0.14}   {space 9}{result:0.06}
  Long-term debt{space 1} {c |}  {space 22}{result:35.00}   {space 1}{result:-0.00}   {space 15}{result:0.01}   {space 8}{result:-0.31}   {space 9}{result:0.01}
  Equity{space 9} {c |}  {space 22}{result:35.00}   {space 1}{result:-0.00}   {space 15}{result:0.00}   {space 8}{result:-0.06}   {space 9}{result:0.01}
{hline 17}{c -}{c BT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
5     1721     3.960e-10     9.985e-10     2.362e-08
{res}
{smcl}
{reset}{...}
{hline 17}{c -}{c TT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
{space 17} {c |}  Number of nonmissing values   Median   Interquartile range   Minimum value   Maximum value
{hline 17}{c -}{c +}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
Asset type{space 7} {c |}  {space 27}   {space 6}   {space 19}   {space 13}   {space 13}
  Short-term debt {c |}  {space 22}{result:35.00}   {space 1}{result:-0.00}   {space 15}{result:0.00}   {space 8}{result:-0.16}   {space 9}{result:0.02}
  Long-term debt{space 1} {c |}  {space 22}{result:35.00}   {space 1}{result:-0.00}   {space 15}{result:0.01}   {space 8}{result:-0.36}   {space 9}{result:0.01}
  Equity{space 9} {c |}  {space 22}{result:35.00}   {space 2}{result:0.00}   {space 15}{result:0.00}   {space 8}{result:-0.06}   {space 9}{result:0.00}
{hline 17}{c -}{c BT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
6     1669     3.974e-10     9.998e-10     2.377e-08
{res}
{smcl}
{reset}{...}
{hline 17}{c -}{c TT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
{space 17} {c |}  Number of nonmissing values   Median   Interquartile range   Minimum value   Maximum value
{hline 17}{c -}{c +}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
Asset type{space 7} {c |}  {space 27}   {space 6}   {space 19}   {space 13}   {space 13}
  Short-term debt {c |}  {space 22}{result:35.00}   {space 1}{result:-0.00}   {space 15}{result:0.00}   {space 8}{result:-0.16}   {space 9}{result:0.02}
  Long-term debt{space 1} {c |}  {space 22}{result:35.00}   {space 1}{result:-0.00}   {space 15}{result:0.01}   {space 8}{result:-0.36}   {space 9}{result:0.01}
  Equity{space 9} {c |}  {space 22}{result:35.00}   {space 1}{result:-0.00}   {space 15}{result:0.00}   {space 8}{result:-0.07}   {space 9}{result:0.00}
{hline 17}{c -}{c BT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
7     1631     4.000e-10     9.966e-10     2.390e-08
{res}
{smcl}
{reset}{...}
{hline 17}{c -}{c TT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
{space 17} {c |}  Number of nonmissing values   Median   Interquartile range   Minimum value   Maximum value
{hline 17}{c -}{c +}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
Asset type{space 7} {c |}  {space 27}   {space 6}   {space 19}   {space 13}   {space 13}
  Short-term debt {c |}  {space 22}{result:36.00}   {space 2}{result:0.00}   {space 15}{result:0.00}   {space 8}{result:-0.03}   {space 9}{result:0.00}
  Long-term debt{space 1} {c |}  {space 22}{result:36.00}   {space 1}{result:-0.00}   {space 15}{result:0.00}   {space 8}{result:-0.03}   {space 9}{result:0.01}
  Equity{space 9} {c |}  {space 22}{result:36.00}   {space 2}{result:0.00}   {space 15}{result:0.00}   {space 8}{result:-0.06}   {space 9}{result:0.00}
{hline 17}{c -}{c BT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
8     1281     4.000e-10     9.972e-10     2.395e-08
{res}
{smcl}
{reset}{...}
{hline 17}{c -}{c TT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
{space 17} {c |}  Number of nonmissing values   Median   Interquartile range   Minimum value   Maximum value
{hline 17}{c -}{c +}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}
Asset type{space 7} {c |}  {space 27}   {space 6}   {space 19}   {space 13}   {space 13}
  Short-term debt {c |}  {space 22}{result:36.00}   {space 1}{result:-0.00}   {space 15}{result:0.00}   {space 8}{result:-0.00}   {space 8}{result:-0.00}
  Long-term debt{space 1} {c |}  {space 22}{result:36.00}   {space 1}{result:-0.00}   {space 15}{result:0.00}   {space 8}{result:-0.00}   {space 8}{result:-0.00}
  Equity{space 9} {c |}  {space 22}{result:36.00}   {space 1}{result:-0.00}   {space 15}{result:0.00}   {space 8}{result:-0.00}   {space 9}{result:0.00}
{hline 17}{c -}{c BT}{c -}{c -}{hline 27}{c -}{c -}{c -}{hline 6}{c -}{c -}{c -}{hline 19}{c -}{c -}{c -}{hline 13}{c -}{c -}{c -}{hline 13}

{com}. log close;
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       {txt}log:  {res}C:\Users\myogo\Princeton Dropbox\Motohiro Yogo\Koijen Yogo - International\JPE\Replication\Code\5 Decomposition\Decomposition0_1.smcl
  {txt}log type:  {res}smcl
 {txt}closed on:  {res}31 Oct 2025, 10:30:13
{txt}{.-}
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{txt}{sf}{ul off}